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What are the different trends in market to boost the Parking Sensors Market demand?

Author : Ronak Bora | Published Date : 2019-03-18 

Global Parking Sensors Market is segmented on the basis of installation and technology. On the basis of technology, these components are classified into electromagnetic and ultrasound. The ultrasonic sensors use sound waves to sense obstacles and electromagnetic type uses magnetic waves. The electromagnetic type is equipped with maintenance system and is self-diagnostic. Superior design due to transceiver adhesive strips and preservation of vehicles’ aesthetic appearance are expected to drive parking sensors market growth during the forecast period. On the basis of installation, the parking sensors market is segmented into OEM and aftermarket. Aftermarket components are cost-effective as compared to OEM components. OEM components are made specifically for a vehicle model and ensure superior fitment & construction.
 
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North America is expected to dominate the parking sensors market during the forecast period. The rapid growth is attributed to increased sales of mid- and high-level cars and rising population of baby boomers & resultant adoption of luxury cars by them is expected to propel parking sensors market growth in the region. The introduction of legislations compelling the OEMs to produce advanced systems is expected to propel the growth. The parking sensors market growth in the Asia Pacific region is anticipated to be driven by a consistent increase in demand for mid-sized and compact vehicles equipped with safety features, particularly in China and India.

Technological advancements in the artificial intelligence technology to make the system operator independent is expected to provide viable growth opportunities to the parking sensors market. One of the major trends in the market is the adoption of LiDAR. Growth and advent of LiDAR are attributed to the increasing need for better sensors. These have better capabilities in terms of detection of objects even in the absence of light.

These components are Advanced Driver Assistance Systems (ADAS) that alert drivers in case of obstacles. They assemble real-time information about coordinates between the cars in a parking lot and the availability of free space through changeable message signs. It makes use of advanced technologies to help cars locate, reserve, and pay for parking. Consumers are increasingly becoming aware of safety technologies and systems and are taking interest in improving vehicle safety, thus propelling parking sensors market growth.

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Parking sensors are proximity sensors required in vehicles to assist the driver for hassle-free and safe car parking. These are installed in the car’s rear bumper and help in the detection of objects, which are concealed from the view & mitigate the risk of accidents when the car is in the reverse mode. In addition to its benefits, time effectiveness, fuel efficiency, and cost savings are expected to be major factors that drive the parking sensors market during the forecast period. 

Parking sensors are proximity sensors required in vehicles to assist the driver for hassle-free and safe car parking. These are installed in the car’s rear bumper and help in the detection of objects, which are concealed from the view & mitigate the risk of accidents when the car is in the reverse mode. In addition to its benefits, time effectiveness, fuel efficiency, and cost savings are expected to be major factors that drive the parking sensors market during the forecast period. 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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